Eurozone business activity reached a 3-month high in August, led by the service sector.

Eurozone business activity reached a 3-month high in August due to the Paris Olympics, with the HCOB Flash Eurozone composite PMI increasing to 54.4 from 53.8 in July. The service sector, which comprises 70% of the eurozone economy, saw business activity increase at the fastest rate since May. However, concerns persist over the longer-term outlook, as the COVID-19 recovery remains uneven and geopolitical tensions and supply chain disruptions pose risks to economic growth.

August 22, 2024
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